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New U.K. Corporate Governance Code focuses on culture

The Financial Reporting Council on 5 December published proposals for a revised U.K. corporate governance code to reflect the changing business environment and help U.K. companies achieve the highest levels of governance.

After engaging with several stakeholders and incorporating suggestions from the government’s green paper on Corporate Governance Reform, the new code is shorter and sharper and builds on the findings from the FRC’s Culture Report published in 2016. “The revised code focuses on the importance of long-term success and sustainability, addresses issues of public trust in business, and aims to ensure the attractiveness of the U.K. capital market to global investors through Brexit and beyond,” FRC stated.

FRC Chairman Sir Win Bischoff said in a...

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